Oslo-listed Vaar Energi posted a second-quarter operating profit below expectations on Tuesday and maintained its dividend payment level.
Earnings before interest and tax (EBIT) for the April-June quarter rose to $992 million from $778 million a year earlier but were below the average $1.04 billion forecast in a company-provided poll.
Majority owned by Italy’s Eni, Vaar remains on track to increase production to about 400,000 barrels of oil equivalent per day (boepd), by the end of 2025, CEO Nick Walker said in a statement.
The company said that the targeted startup of the Balder X project in the fourth quarter of 2024 is unchanged, with a decision on installation to be made at the end of August before the winter weather period.
Vaar reported on July 11 that its second quarter output was 287,000 boepd, up from 202,000 a year earlier, boosted by last year’s acquisition of Neptune Energy’s assets in Norway.
The firm previously said that it aims to sustain its petroleum production off Norway at 350,000-400,000 boepd towards 2030 by developing more resources.
Vaar guided for $270 million in quarterly dividend payments for the third quarter, the same as in the second quarter.